According to this latest publication from Meticulous Research®, the Asia-Pacific industrial iot market is projected to reach $134.71 billion by 2030, at a CAGR of 18.8% from 2023 to 2030. Some of the major factors driving the growth of this market are rising investments in Industry 4.0 technologies, government initiatives to promote industrial automation, and the growing need to improve productivity and efficiency. However, the lack of standardization and high capital & OpEx requirements restrain the growth of the IIoT market.
The use of Industrial IoT for predictive maintenance and the proliferation of data centers are expected to create market growth opportunities. However, vulnerability issues with IoT devices and the lack of skilled professionals are major challenges for market growth. Additionally, the rising popularity of IIoT digital twins, the emergence of edge computing, and the rising adoption of smart manufacturing-as-a-service are some of the major trends in this market.
The Asia-Pacific industrial IoT market is segmented by component and industry vertical. The study also evaluates industry competitors and analyzes the country-level markets.
Based on component, the Asia-Pacific industrial IoT market is segmented into hardware, platforms, services, and connectivity. In 2023, the hardware segment is expected to account for the largest share of the Asia-Pacific industrial IoT market. However, the platform segment is slated to record the highest CAGR during the forecasted period.
The rising adoption of industrial IoT platforms by different industry verticals to improve operational efficiency, along with the increasing need for superior monitoring technologies, is driving the growth of this segment. In addition, the rising focus of key players on product development and enhancement is expected to drive segment growth. For instanc , in November 2021, Panasonic Corporation (Japan) launched the Miraie Profactory platform, an Industrial IoT/ Smart Factory solution developed indigenously at the company’s India Innovation Centre. Similarly, in June 2021, Fujitsu (Japan) deployed an industrial IoT platform for the Ricoh (Japan) chemical plant in Japan.
Based on industry vertical, the Asia-Pacific industrial IoT market is segmented into agriculture, manufacturing, retail, energy & utilities, oil & gas, aerospace, transportation & logistics, telecom, and other industry verticals. In 2023, the manufacturing segment is expected to account for the largest share of the Asia-Pacific industrial IoT market.
The manufacturing industry is adopting automation and robotics systems extensively throughout production lines to enhance product quality, reduce work-in-progress time, and improve equipment reliability. IIoT can transform traditional, linear manufacturing supply chains into dynamic, interconnected systems—a digital supply network (DSN)—that can more readily incorporate ecosystem partners. The large share of the market is attributed to factors such as the growing need for centralized monitoring and predictive maintenance of assets, the increasing number of smart factories, the advent of Industry 4.0, and the increasing adoption of autonomous robots for industrial automation. Moreover, the manufacturing segment is also expected to record the highest CAGR during the forecast period. Following are some of the recent developments:
- In June 2023, ABB Ltd. (Switzerland) and China Telecom, the world’s largest and leading communication service operator, unveiled a joint digitalization and industrial IoT laboratory in Hangzhou, China.
- In 2020, TGW Logistics Group (Austria) announced its plans to build a high-performance automatic mini-load warehouse and commissioner lifting beam system for Tianjin Zhongjing Semiconductor Materials Co., Ltd. (China) near Shanghai.
Based on geography, the Asia-Pacific industrial IoT market is segmented into Japan, China, India, South Korea, Singapore, Malaysia, Indonesia, Australia, New Zealand, and the Rest of Asia-Pacific. In 2023, China is expected to account for the largest share of the Asia-Pacific industrial IoT market. China has been investing heavily in the IIoT to increase productivity and drive efficiencies by modernizing and automating manufacturing processes through high internet connectivity and data-driven approaches. For instance, in December 2022, ABB Ltd. (Switzerland) officially opened its state-of-the-art, fully automated, and flexible robotics factory in Kangqiao, Shanghai, China. The 67,000m2 production and research facility represents a USD 150 million (1.1 billion RMB) investment by ABB and will deploy the company’s digital and automation technologies to manufacture next-generation robots.
In addition, the government of China has been leading in promoting automation through several initiatives, such as “Made in China 2025”. Therefore, the large share of the country is attributed to factors such as growing investments in AI technology, increasing demand for industrial automation, the rise in the robotics revolution, and strong government initiatives. However, the country is also expected to grow with the highest CAGR during the forecasted period.
Key Players:
The key players operating in the Asia-Pacific industrial IoT market are ABB Ltd. (Switzerland), General Electric Company (U.S.), Emerson Electric Co. (U.S.), Intel Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), IBM Corporation (U.S.), Honeywell International Inc. (U.S.), Amazon Web Services, Inc. (U.S.), Siemens AG (Germany), Huawei Technologies Co, Ltd. (China), Rockwell Automation, Inc. (U.S.), PTC, Inc. (U.S.), Dassault Systemes (France), Robert Bosch GmbH (Germany), KUKA AG (Germany), Microsoft Corporation (U.S.), Schneider Electric SE (France), Advantech Co., Ltd. (Taiwan), and C3.ai, Inc. (U.S.).
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Key questions answered in the report-
- Which are the high-growth market segments based on component and industry vertical?
- What was the historical market for industrial IoT in Asia-Pacific?
- What are the market forecasts and estimates for 2023–2030?
- What are the major drivers, restraints, and opportunities in the Asia-Pacific industrial IoT market?
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